Member Info for cl2201

flash-crash in a while. Assuming it is them, perhaps it's the last hurrah before setting off into the sunset (one can hope).

Definitely a shame that TKGM haven't received the $9m in Birr equivalent yet, but aside from that an extremely positive RNS. The clout of the new board members at TKGM is not to be underestimated.

The part I looked on with particular interest was the commencement of engineering works by the Federal Ministry of Finance. This is big news as it is solidifying their commitment to the project.

It is indeed a case of waiting for those all-important signatures. They have all been verbally agreed but now just the bureaucratic pen-pushing part to go!

I think - and this is purely my opinion - that KEFI could multi-bag this year if full funding goes through.

Just in terms of basic maths, a 50.1% share in TKGM at the original ANS buy-in price is worth 50m USD (39m GBP) to KEFI. Set that against the current MC of 8.5m GBP and that is a 4.5 bagger and takes no notice of any upside.

The full funding going through, meaning the project is definitely going ahead, should see us closer to the valuation above and that is during the construction phase - when production occurs the sky's the limit.

I am fully read up on who ANS is (with as much information as has been provided in the public domain), though from your response it appears as though you haven't grasped who they are.

I get that you think it will be extended again - no problem if you hold that opinion. I was referring to your erroneous statement in the second half of your original post '...no money at the bank of ethiopia government ..'.

Fair enough, that is your opinion. Not really sure what you mean in the second part of your sentence though.

I would have to say end of the month as per the statement in the 6th December RNS. The GM is on Monday (17th), so having everything signed off then by the government is, realistically, not feasible.

It's the Ethiopian Government (Federal and Regional Government agencies) which needs to deliver at this time, not Harry. We need the all-important sign-off of the remaining regulatory consents - then and only then will the $9m be released.

The regulatory consents are (to quote the RNS of 6th December) '...expected to be provided in the coming weeks'.

Most of the key elements are now in the government's hands:

We need to see them sign off on the $60m past costs incurred by KEFI so we can rightfully take our 54% in TKGM - apparently this is almost all complete with just a few more recent items remaining.

The government is also currently reviewing draft documentation for the $160m infrastructure bond finance.

Once these items are completed it will be dangerously close to all systems go as that will progress the equity part of the financing (at least the $9m) to final sign-off and similarly the bond issue will be there or thereabouts as it would have a) government approval and b) official documentation to say KEFI will retain 50%+ in TKGM (a must for the bond financing to go ahead).

Still under the radar but slowly edging forward. Champagne or Buck's Fizz for Christmas?

Well that's just the point - funding needs to be secured and in our possession before we start to see parity with those SP figures being guesstimated, but that is why some (myself, for example) see this as an incredible investment proposition at the current SP given the proposed timeframes for completion of funding.

I disagree - whilst there are undoubtedly some investors on the sidelines waiting for funds to hit, the biggest roadblock to SP progress has been the large seller (since the placing).

There has been plenty of buying since the recent announcement (not today, granted) so I don't think it's a case of PIs being put off - we just need to see the seller complete their mission, so to speak. This would certainly be aided by a couple of positive news items (funds received and ready to be spent on resettlement/bond listing), which would push volumes much higher.

I would personally only expect to see an RNS on full completion of the $9m being received/settled i.e. on or before 30th September, though happy to be proved wrong.

Would be great to see progress on the Bond front as well - maybe not next week but during the course of September.

Great to see increased volume - a few days like this and any residual big sellers will be out of the picture.

Fast forward to ANS receiving funds and news on the bond listing will really push the re-rate.

Is that the best you can come up with, Smithy?

You'll need to try harder to get in at a lower price.

The calm before the storm.

Personally fully loaded here but I think some more cautious investors would prefer to pay a higher entry price on receipt of funds rather than piling in now.

What is almost certain is that sentiment should shift upon receiving the $30m investment and we will likely be sitting, SP-wise, considerably higher than we are today.

section of the website updated with questions related to the Tulu Kapi update RNS.

I'm not sure I subscribe to the false market theory - more likely to be a continued hangover of stock from the placing which was exacerbated by Odey selling.

I do, however, think this next couple of months will be interesting. By the end of August, if we receive the first installment (9 million USD) from the Ethiopian investment syndicate then that should mean a healthy jump in the SP. If that is followed by the bond issue (160 million USD) in September then the sky is the limit.

Let's see what the near future holds - the market seems not to believe the story here. I'm not so skeptical.

Technically, yes - B/E is simply a marker. With the rapid growth so far and continuing momentum, profitability is (in my opinion) a given but with that and removal of litigation (to be confirmed of course) I can't see the company remaining as Premaitha. I am of the opinion TF will make a move sooner rather than later once those two variables have been ticked off the sheet.